Market Closes - June 2, 2014
Posted on Jun 2, 2014Live Cattle futures closed mixed on lack of direction in fed cattle prices. Boxed beef dropped only slightly. Feeder Cattle futures are testing contract highs and put in record-high closes.
Beyond the nearby June LH contract, futures closed higher as traders anticipate the hog supply will come down due to the PEDv losses in early 2014. Pork value maintained its strength all day. FOB Plant Pork finished up 2.23 to 118.24/cwt.
Corn Jly unch 465; Dec +1 458 (451-60) Bean Jly +7 1500; Sep -4 1282; Nov -4 1230 Meal jly +6 506; Oct -2 405 Oil -19 3831 Wheat Jly -6 621 (616-27); Dec -6 654 KC -4 719; MGE -9 697 Oats unch 371 Rice -12 1486
LC Jun -10 13770; Oct +42 14302; Feb -5 14765 FC Aug +52 19757; Oct +47 19890; Mar +10 19170 LH Jun -22 11312; Jly +57 12105; Oct +60 10645 Milk Jun +23 2106; Jly +16 2078
Corn Planting Progress . 6/1/14 5-yr average U.S. 95% 94% KY 94% 92%
States lagging: MI – 81%, WI 86%
Soybean Planting Progress U.S. 78% 70% KY 52% 47%
U.S. Corn Conditions Good/Excellent Poor/V Poor This Week 76% 2% Last Year 63% 7%
Winter Wheat Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 30% 44% Last Week 30% 44% Last year 32% 43%
Rated Poor/V.Poor: TX-64%, OK-78%, KS-62%, CO-39%
Spring Wheat: 88% planted vs 80% year ago and 88% on average.
U.S. Pasture: 50% good/excellent vs 46% year ago. 19% poor/v.poor vs 25% year ago.
US$ +.3%
Dow +26 16744
SP +1 1925
NAS -5 4237
Tran +44 8148
VIX +.18 11.58
WTI -27 10244
Brent -60 10881
Gas -2 299
NG +7 462
HO -1 288
Eth -3 233
Gold -3 1243
Slvr +7 1875
2-yr +.02 0.391%
5-yr +.06 1.59%
10yr +.07 2.53%
30yr +.05 3.37%
Blue Grass Stockyards Cattle Auction Report for 06/02/2014 Receipts: 927 Last Monday: no sale Holiday Year Ago: 1217 Compared to last week steer calves under 500 lbs sold 10.00 to 20.00 higher with very good demand, 500-600 lbs 5.00 to 10.00 higher with very good demand, over 600 lbs sold steady to 3.00 higher with very good demand. Heifer calves under 500 lbs sold 10.00 to 20.00 higher with very good demand; over 500 lbs sold firm with good demand. Quality was good through attractive. Very active market today with more buyer participation and better quality cattle than last week. Yearling steers and heifers lightly tested. Slaughter cows sold 1.00 higher with good demand. Slaughter bulls sold 2.00 higher with good demand.
Total supply included 10% slaughter cows, 01% slaughter bulls, 02% replacements and 87% feeders. Feeder supply 34% steers, 28% bulls, 38% heifers with 32% of feeders weighing over 600 lbs.
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Tagged Post Topics Include: Economics, Market updates
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